Atlanta

We recommend a buy in Atlanta from a short-term perspective. It is visible from the charts of Atlanta that after bottoming at the March low of Rs 30, it has been on an intermediate-term uptrend. Since then it has been forming higher peak and higher bottom, signifying strength. Moreover, after taking support around Rs 64 in early July, the stock resumed its uptrend and has been on a medium-term uptrend too. While trending upward, the counter penetrated its moving average compression (21, 50 and 200-day moving averages) around Rs 70 in mid July and is way above these averages. We notice that the volume has increased and is above average over the past six trading sessions. Besides, both daily and weekly momentum indicators are hovering in the bullish zone. We are bullish on the stock from a short-term perspective. We anticipate it to prolong its rally until it hits our price target of Rs 120 in the forthcoming trading sessions. Traders with a short-term perspective can buy the stock while maintaining a stop-loss at Rs 103.

via BL